Money Market
Rate Information: This account is an interest bearing account. The interest rate and annual percentage yield will depend on the daily balance in the account. The interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on the account. We may change the interest rate on the account weekly. Interest begins to accrue on the business day you deposit noncash items (for example, checks), if received by 3:00 p.m. Interest will be compounded quarterly and will be credited to the account quarterly.
Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day.
Limitations: You must deposit $2,500.00 to open this account. Transfers must be in dollar amounts of $500.00 minimum or more. Preauthorized transfers are limited to no more than three (3) each month with no transfers by check, draft, debit card, or similar order to third parties. If you exceed this limit after we have contacted you, we will either close this account and place the funds in another type of account you are eligible to hold, or we will take away the draft and transfer capacities of this account.
Account Fees: Should the daily balance in your account fall below $2,500.00 any day during the statement cycle, we will impose a service charge of $7.50 and your money market account will assume the interest rate and resulting annual percentage yield currently being offered on our NOW account. The following fee applies to this account: Excess Transactions: $2.00 per Occurrence.
